Wednesday, October 26, 2016

The energy hit the portfolio of the State – The Figaro

The French State has collected $ 3.9 billion in euros in dividends in 2015 of companies of which he is a shareholder, according to the annual report of the EPA, published this Thursday, and as Le Figaro was obtained. This is less than what it had hit in 2014 ($ 4.1 billion), but higher than what it expects ($ 3.7 billion).

last year, yet, the State shareholder has been made the test. The Agency of the interests of the State (which manages a portfolio of more than 81 businesses), chaired by Martin Vial, has conducted numerous operations in a difficult market. The Agency’s annual report, published this Thursday, and as Le Figaro has obtained, indicates that the EPA has made 2.3 billion euros from disposals by 2015. In particular, it has completed the sale of two blocks of shares Safran for $ 1.8 billion and a cession over the water to Engie for $ 200 million. The sale of 49,99 % of the airport of Toulouse-Blagnac airport has reported 308 million. The whole of the envelope allowed to contribute up to ” $ 800 million in debt relief to public in 2015,” the report says. Some 1.3 billion have been reinvested in the capital of Air France-KLM and Renault in order to enforce the law on double voting rights.

Over one year (April 2015-April 2016), the value of the quoted portfolio decreased by 24.5%, from $ 83.1 billion to 62.8 billion.

Over one year (April 2015 – April 2016), the value of the quoted portfolio decreased by 24.5%, from $ 83.1 billion to 62.8 billion. The decline of the CAC 40 index was two times less important (-12,2 % over the same period). The culprit: the energy sector, which represents more than half of the portfolio of the EPA. “This decline reflects the general situation of the energy market in Europe (widespread drop in prices of the market in a context of overproduction), but also the specific situation of EDF and Areva in a phase of reorganization and redeployment of the nuclear industry”, one can read in the report. Thus, the market price of EDF has declined 44.8% year on year, that of Areva 41.9%, and Engie 20.9%. On the other hand, titles such as Airbus, Thales, Renault or PSA, are doing very well.

The report also indicates that the French State has collected $ 3.9 billion in euros in dividends in 2015 of companies of which he is a shareholder. This is less than what it had hit in 2014 ($ 4.1 billion), but higher than what it expects ($ 3.7 billion). The five main contributors, EDF, Engie, Orange, ADP and The Post office, have represented “more than 84% of the total amount paid”.